South Korean stainless steel price has been increasing sharply since China canceled its export tax rebates at the end of April, according to market participants.

South Korean stainless steel importers announced that they will increase the stainless steel import price in August.

Due to higher imported stainless steel prices and a large proportion of Chinese stainless steel in the domestic market, South Korean buyers cannot find other sources in the short term but turn to purchase from POSCO. Therefore, the stainless steel import price was expected to rise further.